How to choose a crypto exchange?
How a centralized exchange, a decentralized exchange and an exchange office differ
On a centralized exchange, or CEX CEX (centralized exchange), you open an account, fund it and buy crypto, while the company controls the keys to that crypto, the secret codes that approve transfers. If the exchange is hacked, shuts down or goes bankrupt, you may lose access to your crypto2. Some exchanges put customers' crypto to use, for example by lending it out2. An account requires an identity check with documents KYC (identity check), like opening a bank account. The law usually demands this, and the service needs a license or registration to operate3.
An exchange account is like a left-luggage office at a train station. You hand in your bag and get a ticket, the bag stays with the office, and you can collect it only while the office is open and handing things back.
A decentralized exchange, or DEX DEX (decentralized exchange), is a set of smart contracts, programs inside a network, through which you swap one cryptocurrency for another straight from your wallet, with no account (what is a smart contract). There is no company holding your crypto, and equally nobody checks a token for you (a token is crypto issued on top of someone else's network). On Uniswap, for example, anyone can create a pool for swaps, a shared stock of two tokens, with any token at all4, so a fake with the same name may trade next to the real token. On a decentralized exchange you can swap only crypto that is already in your wallet. The button for buying with money in a DEX app leads to a third-party provider, just like the "Buy" button in a wallet. Before your first swap, read what a website may ask you to sign in the article staying safe when connecting a crypto wallet.
An exchange office swaps ordinary money for crypto, or crypto for money, at a rate it sets itself, online or at a physical office. You usually do not need an account; the office sends the crypto to the address you give it, that is, to the number of your "account" on the network. Until the swap is finished, you are trusting the office with both the money and the crypto, so it needs checking as carefully as an exchange.
Which service fits your task
- If you are buying crypto with ordinary money for the first time, start with a centralized exchange, an exchange office or a wallet's "Buy" button. The guide how to buy crypto goes through the steps, including P2P, buying directly from another person through a platform.
- If the crypto already sits in your wallet and you need to swap it for another without an account, a decentralized exchange will do.
- If you need to sell crypto and get money to your card or in cash, the guide how to sell and cash out compares the services for that.
- If you plan to hold an amount for a long time, move it to your own wallet after buying. The guide how to store crypto explains how.
What to check about an exchange or exchange office before your first trade
Whether the service is authorized in your country
Whether a given exchange or office holds a license or registration is shown in the register of your country's regulator ⚖️. A regulator is the government body that licenses financial companies, and its register is the list of those companies on its official website. If you live in the EU, look the company up in the MiCA register on the website of the European markets regulator (ESMA); the transition period under these rules ended on 1 July 2026. A customer of an unauthorized service has less legal protection and a greater risk of losing access to their crypto5 ⚖️. Where to find the register in other countries is explained on the pages cryptocurrency in Argentina, cryptocurrency in Brazil and cryptocurrency in Kazakhstan.
What makes up the cost of a trade
An exchange has no single fee figure. The final amount is made up of the charge for funding by card or transfer, the gap between the buying and selling price spread (gap between buying and selling price), the fee for the trade itself and the withdrawal charge, which includes the network fee. So a "no fee" label does not yet mean the trade is free. A currency exchange booth at a train station may also display "0% commission", yet its buying rate differs noticeably from its selling rate. Compare services by how much crypto will reach your address for the same payment. Each exchange's review breaks its fees down layer by layer.
What is known about the service's security
An exchange's security is checked against dated facts. Look at whether it has been hacked and how it covered losses, whether regulators have brought claims against it, and whether it publishes proof of reserves. Proof of reserves proof of reserves is a report on how much crypto sits on the exchange's addresses at a particular moment. Such a report is not an audit. It usually leaves out the exchange's debts and does not guarantee that the reserves are enough6. Treat the report as one fact among several. Each exchange's review collects its security flags with sources.
How many cryptocurrencies exchanges support
For a centralized exchange, the number of cryptocurrencies shows how many the company has added to its trading list. Adding one is called a listing listing. Exchanges count this number in different ways, for example by trading pairs trading pair such as BTC/USDT, where two cryptocurrencies are swapped for each other. What you see on the list also depends on the country you live in7.
A long list does not by itself make an exchange more convenient. A big supermarket has more shelves, but you go there for a specific product, and what matters is whether it is in stock. For a beginner, it matters more whether the exchange has the crypto you need on the network you need: USDT, for example, runs on different networks, and a transfer on the wrong one may not arrive (more in the article what is a token standard). Before your first deposit, open the exchange's deposit page, choose the cryptocurrency and see which networks the exchange offers for it.
The number of cryptocurrencies changes, so look it up in the exchanges' own lists.
A decentralized exchange has no such list, because pools are open for anyone to create, so the number of tokens tells you nothing about it. On a DEX you verify a token by its contract address from the project's official source. Even if the DEX interface showed no warning, research the token yourself before buying8.
Exchanges with a review on this site
The reviews on the site include, in alphabetical order, Binance, Bybit, Coinbase and Kraken (centralized exchanges) and Uniswap (a decentralized exchange). Each review covers fees layer by layer, availability by country and security flags with sources.
Check exchange offices on the same points: the regulator's register, the final amount before you pay, and a website address you typed yourself rather than reached through links in ads and messages (phishing and scams).
Binance — a review of the crypto exchange, its fees, reliability and risks Binance, a centralized exchange: who holds your coins, how the fee is built on spot and futures, and what is known about its reliability. A beginner's breakdown.
Buying
Bybit — a review of the crypto exchange, its fees, safety and risks A large centralized exchange: custodial, KYC, many assets and deposit methods. No scores. How it works, fee layers, and verifiable security facts.
Buying
Coinbase — a review of the crypto exchange, its fees, safety and risks A large US exchange and public company (NASDAQ: COIN): simple entry for beginners, custodial, KYC. No scores. Fee layers and verifiable facts.
Buying
Kraken — a review of the crypto exchange, its fees, safety and risks One of the oldest US exchanges: custodial, KYC, publishes proof-of-reserves. No scores. Fee layers and verifiable facts.
Ethereum
Uniswap — how to use the decentralized exchange The largest decentralized exchange: swaps straight from your own wallet via a smart contract. No one holds your funds — which changes both upsides and risks.